Mumbai, May 25 (H.S.): Union Finance Minister Nirmala Sitharaman on Monday called for greater focus on the “3Fs”—fuel, fertiliser, and foreign exchange—amid the ongoing West Asia crisis, while stressing that the domestic economy continues to remain strong.

She also urged public sector undertakings (PSUs) not to delay payments to micro, small and medium enterprises (MSMEs) beyond the 45-day timeline.

Addressing the 37th Foundation Day programme of the Small Industries Development Bank of India (SIDBI) in Mumbai, she said that India cannot afford to spread fear and must instead work towards building confidence among people. She appealed to citizens to avoid spreading pessimism and instead focus on strengthening trust in the economy.

The Finance Minister said India’s economic challenges are largely external in nature, particularly due to foreign exchange requirements for imports such as gold, fuel, and fertilisers. She noted that some sections are attempting to create a pessimistic narrative, while India continues to remain one of the fastest-growing major economies. She added that high-frequency indicators consistently point to sustained industrial demand and economic momentum.

Sitharaman said India’s policy response has been carefully balanced to sustain domestic growth. She noted that the reduction in excise duty on petrol and diesel will have a revenue impact of around ₹1 lakh crore.

She further highlighted that crude oil prices, fertiliser costs—which have reached “unimaginable levels”—and high gold prices are creating external sector challenges. The Minister also stressed that ₹8.1 lakh crore stuck in delayed payments to MSMEs is affecting their working capital and growth. She urged PSUs to strictly adhere to the 45-day payment timeline for MSMEs.

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Hindusthan Samachar / Jun Sarkar